CMM Increases WA8 Scheme Consideration

• Capricorn increases consideration under proposed share scheme from 1 Capricorn share for every 62 Warriedar shares to 1 Capricorn share for every 52.75 Warriedar shares
• Revised consideration represents a 24% premium to Warriedar's closing share price on 6 October 2025 and a 116% premium to the closing price on 23 July 2025
• Warriedar Board unanimously recommends shareholders vote in favor of the scheme

Capricorn Metals Ltd (ASX: CMM) and Warriedar Resources Limited (ASX: WA8) have announced that Capricorn has increased the total consideration offered under the proposed share scheme of arrangement. Capricorn has agreed to increase the consideration payable under the Share Scheme from 1 Capricorn share for every 62 Warriedar shares to 1 Capricorn share for every 52.75 Warriedar shares. Based on Capricorn's closing share price of $13.70 on 6 October 2025, the implied value of the revised share scheme consideration is $0.26 per Warriedar share, representing a 24% premium to Warriedar's closing share price on 6 October 2025 and a 116% premium to the closing price on 23 July 2025. Capricorn and Warriedar have also agreed to revised terms for the outstanding Warriedar listed options, with a revised ratio of 1 Capricorn option for every 52.75 Warriedar listed options. The Warriedar Board of Directors unanimously recommends that Warriedar securityholders vote in favor of the scheme, in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the scheme is in the best interest of Warriedar securityholders.